Steve Phiri is to step down as CEO of Merafe Resources, the black-owned ferrochrome company, with effect from end March 2010.
Mr Phiri will continue as a non-executive director of the company.
Stuart Elliot, Merafe Resources' current chief financial officer (CFO) will replace Mr Phiri as CEO with effect from April 2010.
Merafe said that Mr Phiri was poised to become the first CEO of the Royal Bafokeng controlled platinum company, which has as its main assets the currently operating Bafokeng Rasimone Platinum Mine and the adjacent Styldrift project.
Mr Elliot has been with Merafe for over nine years and involved in all aspects of the business.
Merafe said discussions were at an advanced stage on the appointment of a new CFO and it is anticipated that the appointment of the new CFO will be announced prior to end March 2010.
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